MS HB427

Establishes the Mississippi Transit Corporation as an independent state instrumentality to provide bus, rail, and light rail transit services, governed by a 17-member board of directors including state officials and appointees from Canton, Clinton, Jackson, Madison, Meridian, and Vicksburg

Board members serve staggered four-year terms without compensation, with the Executive Director of the Department of Transportation serving as chairperson; nine members constitute a quorum for official actions

Grants the corporation broad powers including issuing bonds and notes, acquiring property, setting fares, entering public-private partnerships, and levying a regional transit tax within its service area

Requires minimum 10 public board meetings annually, public hearings before fare increases or service curtailments, and mandatory appearance before legislative committees upon request

Mandates State Auditor audits at least every 72 months, independent financial management studies every five years, and annual reports to the Governor and Legislature including on-time performance data and personnel demographics